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to have a flat tariff of 10% or 20% or 30% whatever it takes to get to a zero trade deficit that doesn't introduce a lot of corruption or a lot of dangers bad policymaking because it's a very simple policy. it's just determined by an arithmetical formula and there's no opportunity for anybody to play games. one of the good things about it if you have a flat tariff, is if you had a 30% tariff on imported goods that's not enough to relocate the production of t-shirts that united states because cost is too great. it's great to relocate things like silicon wafer fabrication so would tend to relocate back to the u.s. high value capital-intensive skill intensive industries which is of course what we want to do. those are the industries that are high-quality -- high-quality into she wants to have and those are the industries that don't want to lose. i point that out just to point out that if you do get serious about protectionism, protectionism has a logic to it which if you understand what that logic is, i think it would be possible for the u.s. to make a winner out of this. whether we shoul
and to think it gain access. [inaud last year, and i think, and if you look at this, we have, for every deficit, for every level of deficit, it's the -- [inaudible] we have witnessed the difference in the labor costs between different member states. [iudible increase and going down, slowly, but going down, not increasing. greece as risen up in the last quarter, this last year. they made a lot of process in reducing deficit as well. therefore, we are regaining confidence. if you look at markets, markets are very -- gained a lot of confidence, and bonds for all all the members areding italy, below. there used to be -- that's what they say. what we are doing now is the next step of ing abaning union. , we healady a great great -- you need strong european region of banks because our banking's cannot influence one member stating but several. we need the european -- the european -- been commended, implement of supervisory, things into coming weeks, has been already decide thed. we will build -- we have european, i think, relation on insurance. we have european regulation, just not yet decided, and th
forward a comprehensive balanced approach to deficit reduction to eliminate the sequester, but this is congress' responsibility. it needs to take action. >> there is a couple of bipartisan group of senators making proposals. senators says the administration has the right to prioritize spending, and the senator suggesting the furloughs are postponed to give congress another chance to revisit sequesteration, other senators, republican and democrat, asking the transportation secretary and head of the faa if they might be able toe move money around. what's your response? >> well, a couple things. one, i think the fact that various lawmakers suggest remedies confirms what i said, which is only taking action to the result of the sequester that republicans insisted take place, but let's be clear about the faa cannot take because of the way the budgets are structured and the way the law imposing the sequester is written. they are required by law to cut about 1 billion dollars between now and end of the september. that's 637 million from the faa. the faa initiated a series of cost
. that means we're using deficit and regaining increasing competitiveness. becae a lo member states underestimated in the first years of the common currency that the pressure on competitiveness in the common currency resulted possibility of devaluation. it's huge. and if you don't improve your competitiveness, you will get major problems. it has happened in -- you will not feel it in the first years, but it will happen. and it did. therefore, we always have to -- [inaudible] member states, oblige member states to stick to european rules in, of course, a balanced way to enhance their competitiveness by structure reforms, and then we can, we have built a european mechanism through different systems to buy time until they regain access to financial markets. this worked in ireland, in portugal. in fact, in the last year we increase, by the way. i think it will work in cyprus as well. and if you look at the -- [inaudible] we have halved the national deficits in the eurozone in the last three years. delivering our commitment, by the way. we have halfved the difference in the -- halved the
to have sustained and balanced approach to both reducing the deficit but making some of the critical investments that we need to make, and actually the budget anticipates -- >> we are all -- i should add, start in row. we are all cheers about the magnificent contribution to brain research. thank you. >> i think that's an example of the presidency believe that we ur proper t sinst, and certainly scientifc sech is one of the most critical investments to keep the innovation and research at the front and. so we very much support outlining the mapping strategy which could have a huge impact not only on the future but we think about health costs related to everything from autism to alzheimer's, and if you want to really get our arms around what's happened to health costs in the future, just brain mapping, has an enormous impact. and as you say, i think dr. collins estimates that is about a 71 return, that every dollar in research grant generates about $7 in economic activity in the community where those research grants end up in terms of jobs and scientists. so this is clearly a win-win in
Search Results 0 to 4 of about 5